OKX Exchange’s potential listing of Pi Network has sparked widespread debate among analysts and the broader crypto community.
While OKX is one of the leading trading platforms in the industry, concerns have been raised about the risks and challenges associated with listing Pi Network, given its unique user base and controversial reputation.
Challenges in Listing Pi Network
After Pi Network’s open launch triggered legal warnings from experts, further regulatory concerns for its listing on exchanges have sprouted.
One of the primary concerns surrounding Pi Network’s listing is its user demographic. Many Pi holders are older individuals who have been drawn to the project by the dream of financial prosperity.
“Pi holders believe that its future market value can match that of Bitcoin,” one user on X indicated.
Against this backdrop, analysts argue that these users may not fully understand market volatility. In their opinion, it could lead to panic selling and reputational risks for OKX should Pi’s price drop significantly post-listing.
Another issue stems from the structural integration of OKX’s exchange and its Web3 wallet. Unlike some competitors, OKX does not operate these services separately. This means any issues surrounding Pi Network’s listing could potentially affect its Web3 wallet’s reputation.
The integration makes listing Pi a particularly sensitive decision, as it ties the exchange’s credibility to the coin’s performance.
OKX is not the only exchange that has hesitated in listing Pi Network. Bybit’s CEO, Ben Zhou, outright refused to list the token, calling it a risky endeavor.
“Today a bunch of people asked me if I wanted to join pi, I said stop being ridiculous, I used to trade forex and was always being held up by middle-aged women and men asking them to return my hard-earned money, I don’t want to get involved,” Zhou wrote.
Similarly, Bitget, which initially announced support for Pi, later removed all relevant information about the token. The move signals concerns over its legitimacy and impact.
“…Bitget also deleted some relevant information after announcing the launch of PI,” Wu Blockchain reported.
The broader crypto industry is facing liquidity challenges, making it increasingly difficult for exchanges to find projects that attract sustainable market interest.
Community Concerns and Social Ramifications
Social media discussions reflect deep divisions regarding Pi Network’s listing. Crypto analyst Predator_fund on X (Twitter), highlighted that Pi Network’s internal ecosystem had functioned well within its application.
However, listing it on a major exchange could expose the project to the realities of the market, leading to a steep decline and backlash from disappointed investors.
“I didn’t expect OKX to list Pi coins. This is going to cause trouble. It will be difficult to deal with the old Red Guards if they get angry…. when it is listed, no one can hold it back… Pi doesn’t dare to go on DEX, because decentralized exchanges can’t shirk responsibility, and several big network heads can’t stand it if they don’t go on the exchange,” the analyst wrote.
A popular X user, Trumoo, pointed out how Pi’s community consists of a large number of elderly investors. The user says some of them might be encouraged to invest their pensions without understanding the risks.
If the token’s price were to crash, it could lead to serious social and financial consequences, placing further scrutiny on OKX’s decision. With this, he urged OKX founder and CEO Star Xu to exercise caution.
“Mr. Xu, please think carefully about this,” the user expressed.
In the same tone, another user, 520Starry, expressed concerns over the potential damage of listing Pi Network on OKX’s brand. The user compared the situation to past crypto industry struggles.
They emphasized that OKX has worked hard to build its reputation, and listing a token with a controversial past could harm its credibility.
“…We have finally managed to carve out a path among the competition among many first-tier exchanges using the Web3 wallet. We have worked so hard to establish a reputation and brand image. Could it be that the image will be damaged again because of a PI?” they wrote.
Another analyst, tmel0211, noted that the industry’s frustration with Pi Network reflects deeper concerns about exchange listings in general. In a market with limited financial inflows, exchanges are under immense pressure to list tokens that can generate interest without damaging their reputation.
This aligns with a recent controversy around Binance’s listing process. As BeInCrypto reported, the exchange has used similar KPI guidelines for several years, but the market is changing at a breakneck pace.
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